Myoh to acquire Samtan?s overburden removal unit

Indonesia-listed software provider PT Myoh Technology Tbk plans to change its core business to coal mining service by acquiring PT Sims Jaya Kaltim, a subsidiary of Samtan Co Ltd.

Samtan, South-Korea based company, also holds 49% stake in East Kalimantan coal miner PT Kideco Jaya Agung.

PT Sims Jaya Kaltim, which is a specialized overburden removal in Kideco Jaya Agung was established by Samtan in April 2001. Sims Jaya works for Kideco?s Roto North and Sungai Paku (SM)-A pits.

According to Sims Jaya?s website, it has 12 units of excavators, dump trucks 76 units, bulldozers 19 units and motor grader 13 units.

Sims Jaya retains 100 tonnes of loading equipment and treats 44 million bcm of overburden per year

Myoh Technology will also propose to issue new shares and will use the proceeds to fund the acquisition. The company will hold general extraordinary meeting (EGM) of shareholders in September 12, 2011. (denny)